Today, we look at trends in remortgaging. Almost seven million borrowers have refinanced since 2005, but current levels of remortgaging are at a 15-year low.
The Council of Mortgage Lenders estimates that total gross mortgage lending increased by 4% on March to £12.1 billion in April, but cautions that meaningful comparisons with last April are difficult.
Brian McCormick, head of mortgages at First Trust Bank, has today been appointed the new chairman of CML Northern Ireland. He replaces Derek Wilson of Ulster Bank who has held the position since April 2011.
First-time buyer activity remained strong in March with the number of first-time buyers increasing by 20% according to data published today by the Council of Mortgage Lenders.
Gross mortgage lending of £4.2 billion across 33,500 mortgages was advanced to buy-to-let landlords in the first quarter of 2013, according to latest survey data from the Council of Mortgage Lenders. This compares with £4.6 billion the previous quarter, and £3.7 billion in the first quarter of last year.
The rate of repossession in the three months January to March remained at 0.07% for the fourth consecutive quarter, according to data published today by the Council of Mortgage Lenders. This rate is the equivalent of fewer than 1 in 1,400 mortgaged properties being taken into possession by lenders each quarter.
It is now more that four years since Bank rate was cut to 0.5%, in March 2009. Our main article today looks at what the era of low official rates means for lenders and borrowers.
Interest-only mortgagers with loan maturing before the end of 2020, should expect to be contacted over the course of the next 12 months by their lender over their repayment plans. The goal is to ensure they are aware of their mortgage repayment position, and have an opportunity to take steps that may prove useful to them in avoiding unforeseen payment shocks later.
More certainty, greater clarity, less politics and longer term objectives are essential in helping the mortgage market recover according to CML Chairman Nigel Terrington in his speech to an audience of over 600 people at the CML annual lunch.
Today’s issue celebrates diversity in the mortgage market – we welcome today’s expansion of Funding for Lending to help non-banks, and report the strong recent growth of the building society sector.
The Council of Mortgage Lenders today welcomes the time extension and the indirect extension to include lending by non-bank mortgage lenders, in the changes announced today by the Bank of England to its Funding for Lending scheme.
The Council of Mortgage Lenders today welcomed the Irish Presidency's announcement that agreement on the EU Mortgage Credit Directive has been reached and that the scope of the new rules is unlikely to cause problems for domestic lenders. The proposed rules sit alongside consumer protection measures due to be introduced in the UK by the FCA's new Mortgage Market Review (MMR) rules.
The Council of Mortgage Lenders estimates that total gross mortgage lending increased to £11.6 billion in March. This is 9% higher than February’s gross lending figure of £10.6 billion but 8% lower than £12.6 billion in March 2012. However, this was just before the first-time buyer stamp duty holiday expired, distorting meaningful comparison.
The number of first-time buyers increased by 3% in February, marking the best start to a year since 2008, according to new data released today by the Council of Mortgage Lenders.
Today, we publish the first findings from our new research into consumer attitudes towards home-ownership. Based on responses from more than 8,000 adults in a poll conducted by YouGov around the time of the recent Budget, the survey provides a rich context for the housing measures announced by the chancellor.
Responding to today's announcement by the Law Society of Scotland to move to compulsory separate representation for lenders and buyers in all transactions, CML director general Paul Smee said:
Commenting on the Chancellor's Budget speech, CML director general Paul Smee says:
Localism is a key part of government policy and, in theory, the principle of allowing policy to be tailored to local needs sounds sensible. So, lenders collectively do not have strong view on localism. Read more.
Given that the chancellor has limited room for manoeuvre, we do not expect substantial reform of stamp duty in the forthcoming Budget – though we agree with the Mirrlees review that it distorts markets and is badly designed.
The Council of Mortgage Lenders estimates that total gross mortgage lending declined to £10.4 billion in January. This is 9% lower than December’s gross lending figure of £11.4 billion and a 3% fall from £10.7 billion in January 2012.
To see all the stories in full, go to the latest issue of CML News & Views, available here.
The Council of Mortgage Lenders today reports a fall in the number of properties taken into possession by first-charge residential mortgage lenders from 8,200 in the third quarter of 2012 to 7,700 in the fourth quarter, maintaining a repossession rate of 0.07%. This is the lowest quarterly number since the fourth quarter of 2007.
Buy-to-let lending accounted for 11.5% of total gross mortgage lending in 2012, up from 9.8% in 2011, according to full-year data released today by the Council of Mortgage Lenders. At £16.4 billion, gross buy-to-let lending was 19% higher than the £13.8 billion advanced in 2011, reaching its highest level for four years.
The number of first-time buyers reached its largest yearly total in five years, according to new data released today by the Council of Mortgage Lenders.
Nigel Terrington, chief executive of The Paragon Group of Companies PLC, a specialist buy-to-let mortgage lender, has today become chairman of the Council of Mortgage Lenders. He replaces Martijn Van der Heijden of HSBC, who has held the position since August 2011.